Between 2023 and 2024, the number of Bitcoin millionaires increased by almost 111%, reaching 85,400, or 49.6% of all crypto millionaires in 2024. As for cryptocurrency billionaires, five out of six newcomers this year also tied their success to Bitcoin , Henley & Partners revealed in its Crypto Wealth Report 2024.
An emerging wave of crypto millionaires and billionaires
As of 2023, the number of people worldwide with crypto assets worth at least $1 million increased by 95%, reaching 172,300. Bitcoin millionaires now account for almost 50% of all cryptocurrency millionaires worldwide, reflecting an raise of just over 111% compared to the previous year.
Five modern billionaires started with Bitcoin. In 2024, another six billionaires will join the list. This brings the total number of Bitcoin billionaires to 28, which shows how popular Bitcoin is in the digital world. As more investors see how profitable this choice can be, they are adding it to their portfolios. This makes Bitcoin the most popular way to make money.
Source: Henley & Partners
Developments in Bitcoin adoption
In the United States, for example, the approval of 11 Bitcoin cash ETFs contributed significantly to Bitcoin adoption. The rise in the number of Bitcoin millionaires can be linked to regulatory changes around the world that are encouraging greater participation and greater investment in the cryptocurrency market.
The numbers show close to $20 million in investments in these ETFs as some investors seemed to prefer regulated funds to conventional exchanges. Other countries such as Singapore and the United Arab Emirates (UAE) have equally promoted the employ of cryptocurrencies, showing great openness in their policies. This was the case with the United Arab Emirates, which eliminated capital gains taxes and allowed Dubai residents to trade cryptocurrencies directly through their bank accounts.
The Singapore government has taken a very bold step in regulating digital assets and has done some exceptionally good things. It issued modern guidelines on asset custody and amended the Payment Services Act to make the updated version specifically tailored to the digital payments bill.
Global crypto centers and their powerful influence on the market
A number of other international locations have actually become key centers for cryptocurrency research and investment. Caribbean countries such as Antigua, Barbuda, St. Kitts and Nevis, have also introduced progressive legislation to welcome digital asset entrepreneurs, diversifying the landscape of cryptocurrency-friendly jurisdictions around the world. This is clearly perceptible in the example Zug’s “Crypto Valley”. – Switzerland actually presents a quite solid blockchain ecosystem and actively promotes digital assets.
Featured image from Pexels, chart from TradingView
